Schedule of Investments (unaudited) iShares MSCI Total International Index Fund March 31, 2021 (Percentages shown are based on Net Assets) Mutual Fund Value Total International ex U.S. Index Master Portfolio of Master Investment Portfolio ......................................... $ 1,300,787,288 Total Investments — 100.3% (Cost: $987,356,759).......................................... 1,300,787,288 Liabilities in Excess of Other Assets — (0.3)%.................. (4,291,258) Net Assets — 100.0% ........................................... $ 1,296,496,030 iShares MSCI Total International Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Total International ex U.S. Index Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2021, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $1,300,787,288 and 100.0%, respectively. The Fund records its investment in the Master Portfolio at fair value. The Fund’s investment in the Master Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Master Portfolio. Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: • Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; • Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and • Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, refer to the Fund’s most recent financial statements. Certain investments of the Fund were fair valued using net asset value per share or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy. S CHEDULE OF I NVESTMENTS 1 Schedule of Investments (unaudited) Total International ex U.S. Index Master Portfolio March 31, 2021 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks Australia (continued) Transurban Group(b)................................. 128,164 $ 1,302,943 Argentina — 0.0% Treasury Wine Estates Ltd. .......................... 45,992 362,510 (a) 1,394 $ 289,408 Globant SA ....................................... Vicinity Centres ..................................... 223,827 282,951 Telecom Argentina SA, ADR 6,259 34,550 ......................... Washington H Soul Pattinson & Co. Ltd............... 6,150 148,053 (a) 7,500 30,825 YPF SA, ADR ..................................... Wesfarmers Ltd. .................................... 54,130 2,173,785 354,783 Westpac Banking Corp............................... 176,424 3,272,478 Australia — 4.5% WiseTech Global Ltd................................. 7,407 164,819 Afterpay Ltd.(a) ...................................... 10,522 821,811 Woodside Petroleum Ltd. ............................ 43,066 787,156 AGL Energy Ltd. .................................... 29,297 215,370 Woolworths Group Ltd. .............................. 64,177 1,998,743 AMP Ltd............................................. 222,693 214,708 58,176,894 14,063 263,267 Ampol Ltd. .......................................... Austria — 0.1% APA Group(b) 54,780 418,275 ........................................ Erste Group Bank AG(a) ............................. 15,004 508,310 Aristocrat Leisure Ltd. 27,117 711,432 ............................... OMV AG ............................................ 7,068 358,187 ASX Ltd. ............................................ 9,515 515,043 Raiffeisen Bank International AG ..................... 9,388 206,093 Aurizon Holdings Ltd................................. 84,172 250,135 Verbund AG......................................... 2,859 207,675 AusNet Services 88,260 123,365 .................................... voestalpine AG...................................... 5,074 210,128 Australia & New Zealand Banking Group Ltd. ......... 138,731 2,978,620 BHP Group Ltd. ..................................... 145,418 5,044,465 1,490,393 BHP Group PLC .................................... 103,971 2,993,533 Belgium — 0.5% BlueScope Steel Ltd. ................................ 28,378 418,767 Ageas SA........................................... 9,563 577,473 Brambles Ltd. ....................................... 68,252 550,566 Anheuser-Busch InBev SA/NV ....................... 36,950 2,322,781 CIMIC Group Ltd. ................................... 6,446 86,324 Elia Group SA/NV ................................... 1,275 140,413 Coca-Cola Amatil Ltd. ............................... 30,848 315,456 Etablissements Franz Colruyt NV .................... 2,435 145,169 Cochlear Ltd. ....................................... 3,207 515,862 Galapagos NV(a) .................................... 2,147 165,672 Coles Group Ltd. .................................... 64,627 788,097 Groupe Bruxelles Lambert SA ....................... 5,769 596,780 Commonwealth Bank of Australia .................... 86,318 5,663,735 KBC Group NV...................................... 12,584 915,630 Computershare Ltd. ................................. 24,463 280,573 Proximus SADP..................................... 7,301 158,855 Crown Resorts Ltd.(a) ................................ 17,839 159,909 Sofina SA........................................... 899 303,936 CSL Ltd. ............................................ 22,475 4,542,283 Solvay SA .......................................... 3,386 421,407 Dexus .............................................. 50,184 373,151 UCB SA ............................................ 6,626 629,893 Evolution Mining Ltd. ................................ 73,581 229,235 Umicore SA......................................... 9,298 493,300 Fortescue Metals Group Ltd.......................... 87,186 1,328,767 6,871,309 Goodman Group .................................... 79,872 1,102,900 Brazil — 1.1% GPT Group ......................................... 116,521 408,754 Alpargatas SA(a)..................................... 14,945 97,816 Insurance Australia Group Ltd. ....................... 128,895 459,167 Ambev SA .......................................... 242,318 658,247 (b) Lendlease Corp Ltd. ............................... 34,964 344,725 Atacadao SA........................................ 19,425 80,135 Macquarie Group Ltd. ............................... 16,878 1,967,616 B2W Cia Digital(a) ................................... 9,039 97,558 Magellan Financial Group Ltd. ....................... 5,653 195,117 B3 SA - Brasil Bolsa Balcao.......................... 99,433 964,891 Medibank Pvt Ltd. ................................... 167,769 357,599 Banco Bradesco SA ................................. 92,540 386,525 Mirvac Group ....................................... 177,414 338,436 Banco BTG Pactual SA.............................. 8,983 154,886 National Australia Bank Ltd........................... 160,673 3,183,334 Banco do Brasil SA.................................. 40,649 219,904 Newcrest Mining Ltd. ................................ 38,674 730,625 BANCO INTER SA UNITS UNIT ..................... 4,391 122,252 Northern Star Resources Ltd. ........................ 51,458 372,747 Banco Santander Brasil SA .......................... 29,576 208,080 Oil Search Ltd. ...................................... 111,951 350,024 BB Seguridade Participacoes SA..................... 53,315 229,698 Orica Ltd. ..........................................